trending Market Intelligence /marketintelligence/en/news-insights/trending/ND_unKMdOiRTB0JYf2FwAQ2 content esgSubNav
In This List

Unibail-Rodamco eyes Westfield merger; $200M UAE IPO in the works

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Unibail-Rodamco eyes Westfield merger; $200M UAE IPO in the works

* Europe's largest listed commercial property company, Unibail-Rodamco SE, has offered to buy Australia-listed and U.K.- and U.S-focused Westfield Corp. Under a scheme of arrangement, Unibail-Rodamco will buy one Westfield share for US$2.67 in cash plus 0.01844 Unibail-Rodamco stapled securities, which translates to total consideration of US$7.55 per share.

The deal will create an entity having a €61.1 billion gross market value, with retail presence in 27 markets and cities, 104 assets and the world's largest development pipeline of €12.3 billion. Unibail-Rodamco CEO Christophe Cuvillier will be the resulting entity's head.

* About nine months from its launch, Etihad REIT is now looking at a Dubai or Abu Dhabi IPO in 2018, Abu Dhabi Financial Group CEO Jassim al-Seddiqi said. The trust is targeting US$200 million in the listing, according to its manager.

UK

* A private rented sector-focused fund closed its first fundraising round with over £100 million in commitments from five cornerstone investors. Hearthstone Residential Fund 1 is Hearthstone Investment Management Ltd.'s first closed-ended fund for the sector and is expected to double to £200 million by November 2018.

* Hong Kong-listed Chen Hsong Holdings Ltd. made its first acquisition in the U.K., agreeing to pay £33.1 million for the 28 Dorset Square office building in London, the Estates Gazette reported.

* LXI REIT plc will borrow £40 million under a new 11.5-year loan facility agreed with Scottish Widows Ltd. and partner Lloyds Bank Commercial Banking. The facility will bear 2.85% interest per annum and mature July 3, 2029, alongside its existing £55 million Scottish Widows loan.

* NHS Property Services is inviting interested parties to bid for a 2.5-acre site in New Road, Rochester, Kent, Property Week reported. The site is being marketed by Savills and has pre-planning permission for a residential scheme with 78 flats and 25 houses.

* Peabody selected Berkeley Homes and Redrow for two residential projects in London that are expected to yield 1,795 homes, the London Evening Standard reported. Berkeley will be in charge of 1,500 homes in west Thamesmead, while Redrow will develop 295 apartments in Newham.

* The average new seller asking price for homes in 2018 is expected to grow 1% in the U.K., Rightmove said, adding that overall, price growth in the incoming year is expected to slow down.

According to its December House Price Index, prices of properties coming to the market in December fell 2.6% on average, resulting to the 1.2% year-over-year growth of home prices in the U.K. for the 2017 full year.

* Foreign buyers account for 51% of all property deals sealed in the third quarter in prime central London areas, Hamptons International data showed. The (U.K.) Times reported on the estate agent's research, noting that it suggests that foreign interest in London's luxury property market is back, after taking a hit from higher stamp duty costs.

Germany

* Deka Immobilien GmbH sold 10 properties in cities including Frankfurt, Hamburg, Cologne, Bochum and Münster for around €220 million. The properties were acquired by various buyers, including LaSalle Investment Management and Fairvesta.

France and the Netherlands

* EQT Real Estate I bought a 13,600-square-meter office building at Rue du Chateau des Rentiers in Paris for €71 million from a Jerusalem Economic Corp. affiliate, CoStar U.K. reported. The property is 100% leased and also includes storage space, a restaurant and 245 car parking slots.

* In the Netherlands, Aspen Group and certain institutional parties from Israel bought eight office buildings for €115 million, PropertyEU reported.

Finland

* Deutsche Asset Management, through a fund, signed a €164 million deal to buy two office buildings and a parking house in Espoo from Exilion Real Estate I Ky. The sale carries an approximately 4.65% net initial yield.

Switzerland

* Swiss Prime Site AG Director Markus Graf, who joined the board in 2016, resigned from his role.

Other real estate news

* GFH confirmed that it has acquired a majority interest in a 25 million-square-meter portfolio of land in the Gulf, India and Africa, worth more than US$1.2 billion. The Dubai-listed investment company is exploring various strategic partnerships with international and local parties for the portfolio, and noted that it is open to listing it on a stock market.

CEO Hisham Al Rayes recently said the company expects to arrive on a decision for the portfolio in the next 12 to 18 months.

* Marriott International Inc., Hyatt Hotels Corp., AccorHotels, ClubCorp, InterContinental Hotels Group Plc have wrapped up the US$1.35 billion sale of a hotel procurement and hospitality supplies company. As the founding shareholders of Avendra LLC, the hotel companies received $1.20 billion in cash proceeds from the sale to Aramark Corp.

Now featured on S&P Global Market Intelligence

Q&A: Current housing cycle 'may have a little more room to run' Roofstock CEO says

Q&A: Blackstone, other institutions will create bigger nontraded REIT pie

Dalian Wanda sheds properties as government pressures funding

The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.

Rollen Catorce contributed to this report.